AMC’s Work Begins Before the Potential Client is Contacted

Before AMC even contacts the company or person that it has identified as a potential client, it has already invested its own time and money in determining that assets are being held by a government entity. As AMC provides asset recovery services on a contingency basis only, it is solely responsible for all expenses. Expenses incurred beforehand are the result of:
  • Analysis and use of records in any information format
  • Communication via letters, email, phone calls and faxes with various (and sometimes recalcitrant) government agencies
  • Preparation and submission of documents required to effect the release of assets directly to clients;
  • Travel for in-person meetings with government officials when necessary
  • Perform manual audit

AMC Uses a Multi-Phase Process

AMC understands that there are jurisdictional differences and requirements that make each potential client unique. However, AMC uses a multi-phase process that leads to the successful recovery of client’s assets. That process involves:
  • Identifying within each agency the contact persons through whom a demand for release of the assets must be made
  • Identifying each agency’s discrete prerequisites for making the release request
  • Establishing that those prerequisites have been met
  • Preparing and delivering the release demand and all necessary documentation through the proper channels
  • Obtaining from each agency verification that the assets have been returned to the client

AMC Has the Diligence to Audit & Pursue Recovery of Assets

Each phase of the recovery process usually requires AMC staff to perform essentially the same task in several areas before the next phase can begin. For example, a request for information establishing that a municipality has a client’s recoverable assets will often lead to further investigation that the information exists. Refutation of that response requires AMC to investigate further by, for example:
  • Developing area sources to identify local surety requirements and the agencies that accept such sureties
  • Contacting the heads of any agencies/departments with which the assets could repose to determine the availability of their information about the assets
  • Obtaining from each applicable department its documents memorializing each deposit
  • Collating the information extracted from every source to identify with specificity the nature and amount of the client’s assets actually due for recovery
  • Presenting that information to the proper government official to validate AMC’s original assertion that records do exist that confirm the client owns assets extant and eligible for recovery from that municipality

AMC’s Legal Staff Studies the Laws to Ensure Procedures Are in Compliance

Painstaking extracting efforts usually must be made during every phase of the recovery process. AMC staff has become well-versed in the often arcane laws, regulations and administrative procedures found in each municipality involved in the client’s asset recovery process. For example, many municipalities will not provide confirmation that assets have been returned to the client unless AMC first provides an original power of attorney document bearing the notarized signatures of an executive officer of the company. Other jurisdictions will escheat unclaimed assets to themselves if the recovery process is not implemented in accordance with local requirements.

AMC’s Process is Dynamic and Tailored

Because there is such a wide range of requirements among local, county and state agencies, a mechanical, one-size-fits-all approach does not work. The AMC recovery process must remain dynamic and tailored to each client’s unique circumstance. Therefore, we cannot mechanically predict the cost of implementing any phase of the asset recovery process because the expense variables in each case can, and usually are, widely different. For example, during the initial research phase, AMC expects to incur substantial out-of-pocket expenses for:
  • Converting the information database from the government’s format to one comprehensible to AMC and its client
  • Duplicating the converted information for dissemination internally and, as necessary, to the client;
  • Continually updating and refining AMC’s computerized database
  • Communicating via long distance phone calls, facsimiles and postal service mailings and making photocopies
  • Wage reimbursements to local governments for public employees time identifying and extracting information